AUD - Australian Dollar

The currency used by the Australia is known as the Australian Dollar, which is also written out in full as the Australia Dollar and popular exchange rate is CAD to AUD. The currency symbol for the Australian Dollar is $, while the currency code is AUD. You might see either of these listed in any exchange rate. You can find the most up-to-date Australian Dollar rates as well as a convenient currency converter above.

AUD- Australian Dollar

The Australian dollar is one of the top 6 currencies in the world. This is the national currency of the country, as well as Cocos Islands, Christmas Island, Heard Island, McDonald Island, Norfolk Island, the Australian Antarctic Territory, Nauru, Tuvalu, and Kiribati. The currency is denoted with the dollar sign, and sometimes also with an A or AU to distinguish from other dollars that are used in currency. This currency was first used in 1966 as a replacement for the Australian pound, and is divided into cents much like the American dollar. The exchange code is AUD, which is used on exchange rate charts and in conversion.

History

The Australian dollar was not adopted until 1966, at which point it replaced the pound. The country has a rich history of currency, most of which involves using foreign currency from other countries until the turn of the 20th century when it was liberated. Before then, the country relied mostly on the British pound, which was the national accepted currency until 1910 when the Australian pound was introduced.

The Commonwealth Bank was established in 1911 to support this currency, but this operation was difficult in the early years. With the addition of extra power and responsibility in the 1920s, Australia was able to reform its banknotes and improve its currency situation. The Reserve Bank of Australia was created in 1960, at which point preparations were made to introduce a new form of currency. There was controversy over the name of the Australian dollar, including a competition that was held to name the currency. It maintained a fixed exchange rate with the US Dollar until 1971, when the system collapsed and it became a moving peg before adopting the floating rate that it has today in 1983.

Regions

The Australian dollar is accepted as the legal tender in the entire country of Australia, as well as in many regions and islands surrounding the country. States and territories that use AUD include:

Kiribati

Nauru

Tuvalu

Christmas Island

Cocos (Keeling) Islands

Norfolk Island

McDonald Island

Heard Island

The Australian Antarctic Territory

Ashmore and Cartier Islands

Coral Sea Islands

Facts

The AUD is the sixth most popular currency in the exchange markets, beat out only by the US Dollar, Japanese yen, Euro, British pound, and the Swiss franc. This currency is involved in about 5% of foreign exchanges and Australia is known to have a very stable economy that makes its currency much more valuable than some countries. It is also the first of its kind to be based entirely on polymer bank notes, which gives it more credibility and value in the currency market. The currency is produced in many denominations, including coins of 5, 10, 20, and 50 cents as well as 1 and 2 dollar coins. The Reserve Bank of Australia also prints notes that are available in 5 values:

$5

$10

$20

$50

$100

Various colors and sizes are used to denote the denominations of the Australian dollar. The $5 note is pink/violet, the $10 is blue, $20 is orange, $50 is yellow, and $100 is a green color. The Reserve Bank of Australia is the regulating authority for this currency, which also monitors the Royal Australian mint and its production of currency.

Nicknames

The Australian dollar is symbolized as AUD, and in financial transactions the amount is sometimes marked as A$ or AU$ to distinguish this currency from other forms that also use the dollar. Nicknames for this currency include: